Grayscale explained: why is it buying billions of dollars in bitcoins?
According to Regard News reporter, the total amount of cryptocurrencies under the management of Grayscale , known as one of the giants of the crypto money sector , has reached up to $ 3.8 billion and this indicates an increase of approximately 50% in 1 year period. It is known that most of Grayscale’s funds come from institutional investors and mostly consist of Bitcoin and Ethereum investment.
Grayscale’s weekly investment in cryptocurrencies has increased by 800% annually, and the $ 3.2 million weekly investment has been $ 30 million weekly in 2020. So why is Grayscale investing billions of dollars of Bitcoin or crypto money?
In a statement on the subject, Sharif-Askary stated that 2020 created a macro degree of uncertainty and an unprecedented level of monetary expansion. Expressing that institutional investors have started to look for alternative investments in such a crisis, Askary emphasized that they believe in the future of Bitcoin.